Primerica (NYSE:PRI) Coverage Initiated at TD Cowen

TD Cowen initiated coverage on shares of Primerica (NYSE:PRI) in a research note released on Wednesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $314.00 price target on the financial services provider’s stock.

Several other research firms also recently issued reports on PRI. Piper Sandler initiated coverage on Primerica in a research note on Friday, August 30th. They issued a neutral rating and a $283.00 price objective for the company. StockNews.com raised shares of Primerica from a hold rating to a buy rating in a research note on Friday, October 4th. Jefferies Financial Group boosted their price objective on shares of Primerica from $239.00 to $249.00 and gave the stock a hold rating in a research note on Thursday, July 18th. Keefe, Bruyette & Woods raised their target price on Primerica from $255.00 to $275.00 and gave the stock a market perform rating in a research report on Wednesday, July 17th. Finally, Truist Financial upped their price target on Primerica from $275.00 to $300.00 and gave the company a buy rating in a research report on Friday, August 9th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $281.67.

Primerica Price Performance

Shares of Primerica stock opened at $277.57 on Wednesday. The company’s 50 day moving average price is $259.85 and its two-hundred day moving average price is $242.15. The firm has a market capitalization of $9.55 billion, a P/E ratio of 16.89 and a beta of 1.09. Primerica has a fifty-two week low of $184.76 and a fifty-two week high of $279.89.

Primerica (NYSE:PRI) last released its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $4.71 earnings per share for the quarter, beating the consensus estimate of $4.47 by $0.24. Primerica had a return on equity of 27.81% and a net margin of 14.85%. The company had revenue of $803.38 million for the quarter, compared to the consensus estimate of $748.88 million. During the same quarter last year, the business posted $3.99 EPS. Primerica’s revenue for the quarter was up 16.7% on a year-over-year basis. On average, analysts expect that Primerica will post 18.05 earnings per share for the current year.

Primerica Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Wednesday, August 21st were paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.30%. This is an increase from Primerica’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Wednesday, August 21st. Primerica’s payout ratio is currently 21.91%.

Insider Buying and Selling

In other Primerica news, Director John A. Jr. Addison sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the transaction, the director now directly owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director John A. Jr. Addison sold 2,000 shares of Primerica stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the sale, the director now owns 15,151 shares in the company, valued at $3,846,081.35. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $252.55, for a total transaction of $757,650.00. Following the transaction, the chief executive officer now directly owns 45,322 shares in the company, valued at approximately $11,446,071.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,500 shares of company stock valued at $1,657,015 over the last 90 days. Company insiders own 0.85% of the company’s stock.

Institutional Trading of Primerica

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ORG Partners LLC bought a new position in Primerica in the second quarter worth approximately $30,000. UMB Bank n.a. lifted its holdings in shares of Primerica by 85.9% in the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 67 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its position in Primerica by 493.3% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 178 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 148 shares during the period. Blue Trust Inc. increased its stake in Primerica by 45.5% during the 2nd quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 60 shares in the last quarter. Finally, Strategic Financial Concepts LLC acquired a new position in Primerica during the second quarter worth $71,000. 90.88% of the stock is owned by institutional investors.

About Primerica

Primerica, Inc, together with its subsidiaries, provides financial products and services to middle-income households in the United States and Canada. The company operates in four segments: Term Life Insurance; Investment and Savings Products; Senior Health; and Corporate and Other Distributed Products.